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Corporate entities in Malaysia are eligible to deduct actual expenses incurred in preparing and verifying their greenhouse gas inventories. Image: ShutterstockCorporate entities in Malaysia are eligible to deduct actual expenses incurred in preparing and verifying their greenhouse gas inventories. Image: Shutterstock

The Finance Ministry has approved tax incentives for companies participating in the MYCarbon program for 2015 and 2016, Natural Resources and Environment Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said.

He said under the scheme, corporate entities were eligible to deduct the actual expenses incurred ranging from RM30,000 to RM200,000 in preparing and verifying their greenhouse gas inventories.

The tax incentive is based on three reporting classes, namely platinum, gold and silver for consultancy, in-house reporting and third party verification, he said in his keynote address at the MYCarbon Awards here today.

Wan Junaidi said the ministry would continue to provide support and training to organizations that were willing to join the MYCarbon program in the coming years.

The National Corporate Greenhouse Gas (GHG) Reporting Programme for Malaysia, known as MYCarbon, was launched on Dec 3, 2013 pursuant to the Prime Minister Datuk Seri Najib Tun Razak’s pledge at the 2009 United Nations Summit on Climate Change in Copenhagen.

The program is aimed at establishing a framework to support GHG reporting by organizations in a standardized and internationally recognized manner as well as to mobilize and sustain participation of organizations in the long term.

Wan Junaidi said: “It is therefore timely to initiate voluntary reporting programs within Malaysia, as an important indication to willingly to embrace a more sustainable development.

“However, a clear understanding is needed on the process of identifying the hidden costs of traditional development modes in order to uncover many benefits and advantages of GHG accounting.”

He said over the last few years, there had been a growing awareness and acceptance of climate change as one of the greatest challenges and this drove Malaysia to agree to formulate GHG reduction actions.

“Although there were many challenges faced, we have managed to convince 51 pilot reporting organizations, representing a wide range of sectors to participate the MYCarbon program this year,” he said, adding that however, only 24 companies participated last year.

On the MYCarbon Award, Wan Junaidi said it was introduced not only to provide recognition for early voluntary GHG reporting actions in Malaysia but also to showcase successful experiences of GHG reporting.

“The awards were also (intended) to encourage the participation of more corporate entities in this move towards lowering corporate carbon emissions,” he said.

At the event, DIGI Communication Bhd lifted the MYCarbon Gemilang Award 2015 through voluntary reporting of its greenhouse gas emission reduction projects.

Other recipients were Indah Water Konsortium Sdn Bhd, SAJ Holdings Sdn Bhd and Penfabric Sdn Bhd.

Of the total 50 pilot reporting organizations, 11 pilot entities vied for the awards, which were introduced to provide recognition for early voluntary GHG reporting actions in Malaysia.

United Nations Development Programme Resident Representative Malaysia, Singapore and Brunei Michelle Gyles-McDonnough and Natural Resources and Environment Ministry Deputy Secretary-General (Environment Management) Datuk Seri Dr Azimuddin Bahari were present.

 

 

Source: Eco-Business | 19 February 2016

 

Parent Category: Story

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